Newsnight Mess Up the Market Report Yet Again

Kirsty correctly informed us that the pound had “tumbled almost one and three quarter cents” yet the graphic had it up +1.74 cents. Viewers have to guess the truth, one wonders does anyone at Newsnight actually care?

Guido watched Randall Live on Sky earlier this evening interviewing Martin Sorrell. An adult conversation about business and the markets with some interesting insights. Sorrell explained what he was up to re-domiciling WPP in Ireland. It wasn’t at all the hectoring quasi-Marxist business bashing that so often characterises the BBC’s reporting – which might be fine for Guardian readers but is pretty tiresome for people interested in business news. Randall is recommended.

Clegg : Mandy Was Poisonous to Me Too

Nick Clegg is recounting to acolytes that back in 2004/5 when he was still an MEP he had dinner with Mandelson in Brussels. Over the courses Mandy spent most of the evening being vitriolic about Brown.

No doubt this will be attributed to LibDem propaganda and dirty tricks. Everyone else is clearly lying except Mandy…

Just as Well They Banned Short Selling, Eh?

As the markets tank the question is how low can we go? There is quite simply no immediate floor for the FTSE 100, after 4500 the next level is the January 2003 level of 3600, a drop of some 20%. Think that is impossible? Stocks are down more than 20% since the beginning of the year.

So it isn’t hard to see that kind of market capitulation happening. In the tech bust of 1999-2000 many stocks fell 90%. Some bank stocks have already dropped 90%. There is nothing government can do to alter the reality and this has to play out. Tokyo had near zero interest rates for the best part of a decade (sorry Vince that was no panacea). The liquidity problem is/was a precursor to the solvency problem. Governments can flood markets with liquidity but that can’t fix insolvency. This is going to be painful.

Politicians who claim to have solutions to the credit crunch are infantalising the electorate. The best they can do is ameliorate the problems. They can’t alter the underlying reality. Over-priced assets are crashing and bringing down the banks – not all – some like HSBC are relatively unscathed. There are pluses as well, if you are in your twenties you will have a better chance of getting on the property ladder now…

Rich & Mark’s Monday Morning View

Meet the New Deputy Leader of the Commons

Another serious person for serious times. Chris Bryant is the deputy leader of the house. His main qualification for this is that he is a Brown loyalist, one of the curry house plotters who can be relied on to be alert to and determined to frustrate the ambitions of Miliband.

Presumably that is the reason for the installation of the strange Sion Simon as a minister for the crown. Tom Watson also remains close to the centre of power in the Cabinet Office where he can continue to brief against internal enemies of the the Prime Mentalist. Watson will have been pleased with himself having seen off Stephen Carter. Nick Brown as chief whip is the ultimate factional enforcer.

This government intake are the second-raters who would never have prospered during New Labour’s prime. They are distinguished only in the way that Kamikaze pilots were distinguished in their loyalty to the emperor. It is going to be a heck of a lot of fun, and a dirty fight to the death.

Sion Simon Made a Minister, No Really

Sion Simon has been appointed Skills Minister. His skills with video satire and political forecasting were obviously the decisive factors. Minister for Mad Hatters would have been more appropriate.

Brown Buggered : Latest Poll of Marginals Has Labour Losing 164 Seats

The News of the World’s post conference season poll of marginals shows that things have got worse for Brown since last year – with Labour now looking set to lose 164 marginal seats (full data set pdf).

Can Mandy save Gordon? After taking a post-conference break from politics for a day to reflect and re-charge, Guido can only see this appointment as an act of desperation. Mandelson is despised by three-quarters of his own party. He is a poisonous political operator. He repels voters and represents so much of what is wrong with politics.

The Labour loyalist pundit David Aaronovitch was asked what he made of the return of Mandelson, “I don’t think I understand anything anymore” was his reply. The only way to understand this is to put yourself inside the mind of the politically weak Prime Mentalist. He needed to buy time. Bringing back Mandelson may buy off some of the former Blairites, hugging his enemy close. (Although if there is one person Charles Clarke hates more than Gordon Brown, it is Peter Mandelson). This won’t be welcomed by the voters.

UPDATE : Have just noticed, and this must be a first, that Kevin Maguire shares Guido’s analysis: Gordon Brown’s Bonkers Moment of Mandy Madness“. Glad to see Kevin, just like Polly did, is finally coming round…

+++ Sky : Yelland – Ex-Sun Editor to Downing Street +++

David Yelland was a vice-chairman at Weber Shandwick, where Mandelson protege Colin Byrne is CEO. Interesting to put a former Sun editor up against Andy Coulson, ex-editor of the News of the Screws…

UPDATE : No confirmation of this yet. Have not seen a retraction either.

UPDATE II 17.20 : Yelland is at Brunswick (former home of Stephen Carter).

UPDATE III : Friend of Yelland tells Guido – “Nah, embarrassingly for Adam, all bollocks. He was in yesterday telling them to calm down about The Sun showing support for Cam.”

Friday Caption Contest (Boy from Brazil Edition)

[…]

+ READ MORE +

Whatever Happened to an "End to Spin"?

The return of a troika of three New Labour high priests of spin is striking. Draper is never off the airwaves, Campbell is popping up more and more often. Now the Prince of Darkness himself returns to Westminster from across

[…]

+ READ MORE +

Newsnight is a Shambles, Come Back Peter Barron

Guido has given up on bothering to report the number of times they get the market report wrong, suffice to say that it might as well be a random number. If you can’t rely on a simple thing like that

[…]

+ READ MORE +

Top o’ the Credit Ratings To You

Despite Gordon’s whining to the EU it is now the case that Irish banks now represent the safest place to deposit money in Europe, with a AAA guarantee from a country with the lowest national debt to GDP ratio of

[…]

+ READ MORE +



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Liz Kendall is asked by Tom Newton Dunn if she would ever ban the Sun from one of her press conferences:

“If you stripped naked and ran in front of me, Tom, I might have second thoughts about it, but apart from that, no.”

Top Posts This Week

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Labour Candidate: Repatriating Tunisia Victims is ‘Imperialist Militarisation’ Labour Candidate: Repatriating Tunisia Victims is ‘Imperialist Militarisation’
Tory MP’s House Husband on Public Payroll Tory MP’s House Husband on Public Payroll
Corbyn Blames Tunisia Terror on “Austerity” Corbyn Blames Tunisia Terror on “Austerity”
Norwich MP’s Brilliant Accidental Partridge Norwich MP’s Brilliant Accidental Partridge
FRIDAY PROCRASTINATION: BING PONG FRIDAY PROCRASTINATION: BING PONG
Uber Suspend Services in France Uber Suspend Services in France

Gerald Kaufman: English Votes For English Laws is “Racist” Gerald Kaufman: English Votes For English Laws is “Racist”
Environment Minister Totty Watch Environment Minister Totty Watch
MEGA INTERCONTINENTAL ROBOT WARS MEGA INTERCONTINENTAL ROBOT WARS
Dave Meets UKIP Dave Meets UKIP
Secret Fracking Report Doesn’t Reveal Much Secret Fracking Report Doesn’t Reveal Much
Environmental Advantages of Airport Expansion Environmental Advantages of Airport Expansion
PMQS SKETCH PMQS SKETCH
“Dodgy” Dave v “Jurassic” Skinner “Dodgy” Dave v “Jurassic” Skinner
Missed PMQs? Catch Up in Full Here Missed PMQs? Catch Up in Full Here
Do you have what it takes to join a GCHQ hacking SCHOOL? Do you have what it takes to join a GCHQ hacking SCHOOL?
IDS Expenses Row: Was Credit Card Suspended Or Not? IDS Expenses Row: Was Credit Card Suspended Or Not?
Questions Channel 4 News Don’t Want to Ask Questions Channel 4 News Don’t Want to Ask
Zac and Boris Warn Dave Zac and Boris Warn Dave